9/3/2022

Financial Institutions Struggle With Security as a Result of Rapid Digital Transformation

Financial institutions across Asia-Pacific (APAC) are racing ahead of their peers across Europe and North America when it comes to digital transformation

Financial institutions across Asia-Pacific (APAC) are racing ahead of their peers across Europe and North America when it comes to digital transformation, the latest data from leading software provider ITRS Group shows. But amid this rapid rate of change, avoiding extended periods of unplanned downtime remains a challenge for firms in the region.


85% of firms in APAC believe rapid changes to their IT environment over the last 12 months have made it harder to maintain client SLAs/SLOs, the survey reveals, compared to a global average of only 79%.


Crucially, this rate of change is leaving some financial institutions in APAC unable to effectively manage their systems, data and security, resulting in a high rate of outages in the region. More than one in five APAC-based institutions are experiencing at least one day of unplanned downtime per year – more than either North America or Europe – despite 92% of firms in APAC believing that their IT solutions can pre-empt issues before they lead to downtime.


Whilst rapid rates of transformation provide the opportunity for firms, it can also exacerbate their vulnerabilities. As well as their ability to maintain current service standards, this rapid shift is laying firms in the region bare to cyber threats.


It is data such as this that has led TPF to partner with companies such as The Fintech Circle, who can provide expertise in this area, and to invest properly in their cyber security team and systems. This has previously been highlighted as a major factor when it comes to banks partnering with fintech companies.

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